US stock markets rose sharply last week, ending a three-week streak of losses. The S&P 500 was up 3.65% last week, while the Nasdaq Composite was up 4.14%. Bitcoin (BTC), which maintains its close relationship with the US stock markets, also made a strong comeback. Accordingly, BTC managed to gain over 11% in the last week. Altcoin assets also followed the lead cryptocurrency in the rise.
Watch out for 4 altcoin projects this week
The sharp rally in the stock markets and cryptocurrency markets is showing signs of a bottoming out. However, it is too early to predict the beginning of a new bull move. US inflation data on September 13 and the FED meeting on September 20-21 will take place. In the meantime, Ethereum Merge is coming on September 15, as we have reported as Kriptokoin.com. Cardano’s Vasil hard fork upgrade is also coming soon. Amid all these events, 4 altcoin projects are likely to make big gains.
Cosmos (ATOM)
Cosmos (ATOM) broke above the overhead resistance of $13.45 on September 8. Thus, it showed that demand is at higher levels. The next stiff resistance is at $20.30, which leaves room for a rally. However, before the rally, the bears will try to push the price below the $13.45 breakout level. This is an important level to consider. Because a break and close below this will indicate that the last break could be a bull trap.
On the other hand, it is possible for ATOM to rise from the current level or bounce back at $13.45. This will show that the bulls are in control and buying on every drop. The upward move will gain momentum if the bulls push the altcoin price above $17.20. Ultimately, the Cosmos price will reach $20.30.
ApeCoin (APE)
ApeCoin (APE) rebounded strongly from support at the $4.17 price tag. Thus, it pointed to aggressive buying at lower levels. This indicates that the correction phase may be coming to an end. It also makes the altcoin asset an interesting candidate in the short term. Buyers pushed the price above the 20-day EMA at $5.00 on September 9. Thus, APE created an intraday Doji candlestick on September 10. This uncertainty was reversed with a strong rally to $5.85 at the 50-day SMA on September 11.
If the price drops from the current level and bounces back from the 20-day EMA, it will show that sentiment has turned positive. The bulls will then try to push the price above the 50-day SMA. If they do, the altcoin will rally towards the overhead resistance at $7.80. This positive view will be invalidated in the short term if the APE falls below the 20-day EMA. In this case, the crypto money will be among the possibilities to fall to $ 4.17.
Chiliz (CHZ)
Chiliz (CHZ) broke above the 20-day EMA at $0.20 on Sept. 9. This was the first indication that the correction phase might be over. That’s why the altcoin found a place on our list. The bears tried to push the price below the 20-day EMA on Sept. 10, but the bulls held their ground. Now the bulls are trying to push the price towards the overhead resistance at $0.26. However, the upside move seems likely to face strong headwinds near $0.23.
If the price fails to break below the 20-day EMA, it will greatly increase the likelihood of a rally to $0.26. Contrary to this assumption, if CHZ price dips below $0.20, it will indicate that the bears are active at higher levels. This has the power to pull the price towards the 50-day SMA at $0.18. Traders should therefore pay attention to the 20-day EMA at $0.20.
Quant (QNT)
Quant (QNT) did not break below the strong support at $87.60. This shows that the mood is positive and the bulls are buying on the lows. The sharp recovery at $87.60 broke above the 20-day EMA at $100 on September 8. This was the first indication that the correction phase might be coming to an end. The bears formed a strong challenge near the 50-day SMA at $105. However, they failed to lower the altcoin price below the 20-day EMA.
This showed that sentiment turned positive and bulls were buying on the dips. Buyers pushed the QNT price above the 50-day SMA on September 11. If the bulls continue higher, Quant will rally to $117 and then $124. A break above this level will open the doors for a rally to $130. However, this bullish view will be invalidated if the price drops below the 20-day EMA. If this happens, the pair will bounce back to strong support at $87.60.
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